Certificate of Deposit Calculator

You can use this Certificate of Deposit Calculator to figure out how much interest you will earn on a certificate of deposit (CD). It also creates a detailed printable schedule of your Certificate of Deposit's balance and interest earned.

The CD Calculator is simple to use. Just follow the five easy steps below:

Enter the amount of the initial deposit

Input the annual interest rate of the CD, expressed as percentage

Select the frequency of compounding from the drop-down list

Enter the length of the CD in months, and select the currency (optional)

Click on the 'Calculate' button to see the results.

Certificate of Deposit (CD) Calculator

Deposit Amount ($):

Interest Rate (%):

Compounding Frequency:

Length of CD (months):

Currency:

Annual Percentage Yield (APY, %):

Results

Summary

Monthly Schedule

Breakdown

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Reference

The Certificate of Deposit Calculator uses the following formulae:

FV = D × (1 + r / n) nt

Where:

FV = Future Value of the CD,

D = Initial deposit amount,

r = Nominal annual interest rate in decimal form,

t = Number of years invested,

n = Number of compounding periods per year.

APY = (1 + r / n ) n - 1

Where:

APY = Annual Percentage Yield,

r = Annual (nominal) interest rate in decimal form,

n = Number of compounding periods per year.

Example: Kevin deposits $3,000 in a 1-year certificate of deposit (CD) at 5.6% annual interest compounded daily. How much will his CD be worth at maturity?

Solution: The nominal annual interest rate in decimal form is 5.6 / 100 = 0.056, using the formula above, we get: